REWAY GROUP S.P.A. ValueTrack | Flash Note | 8 March 2024
Reway Group SPA
Sector: Infrastructures maintenance and reparation
Expansion into the railway business bears fruits
Reway Group (RWG) is a leading Italian company active in viaduct, tunnel and bridges rehabilitation, installation of safety and sound-absorbing barriers, seismic upgrading, and various other activities related to extraordinary maintenance of highways / roads.
Railway subsidiary secures €84mn order from RFI
The Reway Group has announced that its subsidiary, Gema, has secured new contracts valued at approximately €84mn in the railway sector. These contracts are associated with four framework agreements awarded by RFI, focusing on the maintenance of stations, buildings, and railway infrastructures across several Italian regions. The key contracts include:
- €26 mn for the ordinary maintenance of selected stations in Abruzzo, Umbria, Tuscany, Liguria, and Marche;
- €24.5mn for routine maintenance of stations in the Rome area;
- €19mn for an acoustic rehabilitation project in Tuscany;
- €8.1mn for extraordinary maintenance of civil railway structures in Lazio and Sardinia;
- €6.5 mn for additional contracts related to railway infrastructures maintenance. The works are scheduled to commence in the second half of 2024, with project durations ranging from two to three years.
Backlog closer to reach the €1bn milestone
We appreciate the news from both a quantitative and qualitative perspective. Quantitatively, we highlight that: 1) over the last three months, RWG has been awarded new orders totalling approximately €214mn; 2) the updated backlog figures, including those for Gema, are expected to exceed €900mn, reaching an all-time high, which represents more than five years of revenue. Qualitatively, we emphasize that these contracts: 1) demonstrate that the relationship with its main client RFI (Rete Ferroviaria Italiana) remains strong, despite Gema (formerly Se.Gi.) only recently being readmitted to RFI supplier portal; 2) affirm the strategic rationale for entering the railway market.
Estimates and Fair Value confirmed
Pending full year results, we are not modifying our 2023PFE-24E-25E estimates and our €6.33 per share fair value.
At fair value, Reway Group would trade at 7.4x EV/EBITDA, 8.3x EV/EBITA, 12.7x Adj. P/E 2024E multiples.
VALUETRACK
Analysts Marco Greco +39 02 80886654 marco.greco@value-track.com Luca Bernini
luca.bernini@value-track.com
Fair Value (€) | 6.33 | ||
Market Price (€) | 5.06 | ||
Market Cap. (€m) | 194.8 | ||
KEY FINANCIALS (€m) | 2022PF | 2023E | 2024E |
VALUE OF PRODUCTION | 110.5 | 133.4 | 199.6 |
EBITDA | 19.6 | 24.3 | 42.4 |
EBITA | 17.9 | 20.6 | 37.8 |
ADJ. NET PROFIT | 11.6 | 14.1 | 19.2 |
OPFCF a.t. | 8.0 | 5.0 | 40.4 |
NET INV. CAP. | 42.6 | 146.8 | 127.6 |
EQUITY | 38.7 | 69.0 | 85.7 |
NET FIN. POS. | -3.9 | -77.8 | -41.9 |
Source: Reway Group S.p.A. (historical figures), | |||
Value Track (2023E-24E estimates), | |||
KEY RATIOS | 2022PF | 2023E | 2024E |
EBITDA MARGIN (%) | 17.7 | 18.2 | 21.2 |
EBITA MARGIN (%) | 16.2 | 15.4 | 18.9 |
NET DEBT / EBITDA (x) | 0.2 | 2.1(*) | 1.0 |
NET DEBT / EQUITY (x) | 0.1 | 1.0 | 0.5 |
EV/SALES (x) | 1.3 | 1.7(*) | 1.3 |
EV/EBITDA (x) | 7.7 | 8.1(*) | 6.2 |
EV/EBITA (x). | 8.5 | 9.3(*) | 7.0 |
P/E ADJ. (x) | 12.7 | 8.5(*) | 10.2 |
Source: Reway Group S.p.A. (historical figures),
Value Track (2023E-24E estimates) (*)12 months Se.Gi.
STOCK DATA
FAIR VALUE (€) | 6.33 |
MARKET PRICE (€) | 5.06 |
SHS. OUT. (m) | 38.5 |
MARKET CAP. (€m) | 194.8 |
FREE FLOAT (%) | 16.8 |
AVG. -20D VOL. ('000) | 18,071 |
RIC / BBG | RWY.MI / RWY IM |
52 WK RANGE | 3.10-5.20 |
Source: Stock Market Data |
ValueTrack | www.value-track.com| NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA
Reway Group SpA | Flash Note | 8 March 2024
Business Description
Reway Group (RWG) is a leading Italian company active in: 1) Viaduct and tunnel rehabilitation; 2) Installation of safety and sound-absorbing barriers;
- Seismic upgrading of viaducts; 4) Various other activities related to extraordinary maintenance of highways / roads.
RWG is the only Italian player covering all stages of the restoration chain and offering a "One stop shop" service, highly valued from clients who only have to deal with a single counterpart.
VALUETRACK
Shareholders Structure
Others,
16.8%
-
Casillo,
7.3%
Elocyn | Luccini |
L.t.d., | S.r.l., |
11.0% | 64.9% |
Source: Reway Group SpA
Key Financials
€mn | 2022PF | 2023E | 2024E | 2025E |
Net Revenues | 92.1 | 132.4 | 198.6 | 218.3 |
Chg. % YoY | 0.0% | 43.7% | 50.1% | 9.9% |
EBITDA | 16.9 | 24.3 | 42.4 | 46.8 |
EBITDA Margin (%) | 18.3% | 18.4% | 21.3% | 21.4% |
EBITA | 17.9 | 20.6 | 37.8 | 42.7 |
EBIT Margin (%) | 16.2% | 15.4% | 18.9% | 19.5% |
Net Profit | 8.4 | 11.6 | 13.3 | 17.2 |
Chg. % YoY | 0.0% | 37.8% | 15.2% | 29.1% |
Adjusted Net Profit | 11.6 | 14.1 | 19.2 | 23.0 |
Chg. % YoY | nm | 35.7% | 36.2% | 20.3% |
Net Fin. Position | -3.9 | -77.8 | -41.9 | -14.9 |
Net Fin. Pos. / EBITDA (x) | 0.5 | 2.1(*) | 1.0 | 0.3 |
Capex | -1.5 | -6.0 | -6.5 | -7.1 |
OpFCF b.t. | 8.5 | 10.4 | 49.5 | 41.5 |
OpFCF b.t. as % of EBITDA | 50.2% | 42.6% | 116.9% | 88.6% |
Source: Reway Group SpA (historical figures), Value Track (estimates), (*) Se.Gi. 12 months
Investment case
Strengths / Opportunities
- High visibility of future business resulting from the combination of market growth rate and works assignment defined on good notice;
- Strongly cash generative business model with low capital requirements;
- Italian road infrastructure benefitting from multi-year investment plans.
Weaknesses / Risks
- Revenue concentration on a very few clients, with top 3 customers accounting for ca. 95% of FY22PF revenues;
- Limited operating leverage due to the high incidence of costs that are proportional to VoP;
- Exposure to volatility of raw materials prices (20% of VoP).
FY22 Revenues by geography
TLS, 6.1%
SOTECO,
18.2%
MGA,
75.6%
Source: Reway Group SpA
FY22 Revenues by business line
Barriers, 7%
Viaducts,
40%Seismic, 2%
Others, 4%
Tunnels,
47%
Source: Reway Group SpA
Stock multiples @ €6.33 Fair Value
2023PFE | 2024E | |
EV / SALES (x) | 2.0 | 1.6 |
EV / EBITDA (x) | 9.4 | 7.4 |
EV / EBITA (x) | 11.4 | 8.3 |
EV / CAP.EMP. (x) | nm | 2.4 |
OpFCF Yield (%) | 10.6 | 16.3 |
P / E Adj. (x) | 10.7 | 12.7 |
P / BV (x) | 3.6 | 3.0 |
Div. Yield. (%) | 0.0 | 0.0 |
Source: Value Track
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA | 2 |
VALUETRACK
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IL PRESENTE DOCUMENTO È STATO REDATTO DA VALUE TRACK S.R.L. E VI È STATO CONSEGNATO UNICAMENTE PER VOSTRA INFORMAZIONE SU BASE CONFIDENZIALE E NON PUÒ ESSERE PERTANTO RIPRODOTTO, DISTRIBUITO O TRASMESSO, IN TUTTO O IN PARTE, A TERZI. IN PARTICOLARE IL PRESENTE DOCUMENTO O COPIA DELLO STESSO NON PUÒ ESSERE TRASMESSO O DISTRIBUITO, DIRETTAMENTE O INDIRETTAMENTE, IN CANADA, AUSTRALIA O GIAPPONE O AD ALCUN SOGGETTO IVI RESIDENTE NÈ NEGLI STATI UNITI D'AMERICA O ALCUNO DEI SUOI TERRITORI. LA DISTRIBUZIONE DEL PRESENTE DOCUMENTO IN ALTRE GIURISDIZIONI PUÒ ESSERE SOGGETTA A SPECIFICHE RESTRIZIONI DI LEGGE; È PERTANTO ONERE DEI SOGGETTI CUI ESSO PERVENGA INFORMARSI IN MERITO ALL'EVENTUALE ESISTENZA DI SPECIFICHE RESTRIZIONI E, IN TAL CASO, DI ATTENERSI ALLE STESSE. LA MANCATA OSSERVANZA DI TALI RESTRIZIONI POTREBBE COSTITUIRE UNA VIOLAZIONE DELLE LEGGI DEGLI STATI UNITI, CANADA, GIAPPONE O AUSTRALIA O DELLE ALTRE GIURISDIZIONI. IL PRESENTE DOCUMENTO NON COSTITUISCE O FORMA PARTE DI, NE' VA CONSIDERATO IN ALCUN MODO, UN'OFFERTA O UN INVITO PER LA SOTTOSCRIZIONE O L'ACQUISTO DI STRUMENTI FINANZIARI. NÈ IL PRESENTE DOCUMENTO NÈ QUANTO IN ESSO CONTENUTO NON COSTITUISCE INOLTRE UNA PROPOSTA CONTRATTUALE OVVERO UN'ASSUNZIONE DI OBBLIGHI DI QUALSIASI GENERE. IL PRESENTE DOCUMENTO NON E' STATO PUBBLICATO MA È SOLAMENTE STATO MESSO A DISPOSIZIONE DI INVESTITORI QUALIFICATI. QUALSIASI DECISIONE DI SOTTOSCRIVERE O ACQUISTARE LE AZIONI NELL'AMBITO DELL'OFFERTA DOVRÀ QUINDI FONDARSI ESCLUSIVAMENTE SULLE INFORMAZIONI CONTENUTE NEI DOCUMENTI DI OFFERTA PRODOTTI IN CONNESSIONE ALL'OFFERTA. 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IL PRESENTE DOCUMENTO PUÒ ESSERE DISTRIBUITO IN ITALIA SOLTANTO AGLI INVESTITORI QUALIFICATI, AI SENSI DELL'ARTICOLO 2 DEL REGOLAMENTO PROSPETTI. PERTANTO IL PRESENTE DOCUMENTO NON PUÒ IN ALCUN MODO ESSERE DISTRIBUITO: (I) AL PUBBLICO INDISTINTO; (II) ATTRAVERSO CANALI DI DIVULGAZIONE, ATTRAVERSO I QUALI LE INFORMAZIONI SIANO O E' PROBABILE CHE SIANO RESE PUBBLICHE, OSSIA CHE DIVENGANO ACCESSIBILI A UN GRAN NUMERO DI PERSONE; (III) A SOGGETTI NON RIENTRANTI NELLA SUDDETTA DEFINIZIONE DI INVESTITORI QUALIFICATI. RICEVENDO IL PRESENTE DOCUMENTO, VI IMPEGNATE A RISPETTARE LE RESTRIZIONI IVI PREVISTE. IL PRESENTE DOCUMENTO E' STATO PREDISPOSTO IN MODO AUTONOMO RISPETTO A SOLBIAN ENERGIE ALTERNATIVE S.R.L. (LA "SOCIETÀ"), AI SUOI AZIONISTI E ALLE SUE CONTROLLATE E LE PREVISIONI E VALUTAZIONI IVI CONTENUTE SONO ESPRESSE ESCLUSIVAMENTE DA VALUE TRACK S.R.L. NELL'AMBITO DELLA SUA NORMALE ATTIVITÀ DI RICERCA E NON SONO STATE AUTORIZZATE O APPROVATE DA TERZI SOGGETTI. VALUE TRACK S.R.L. 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NE' LA SOCIETA' NE' I SUOI AZIONISTI O E SUE CONTROLLATE, I LORO RISPETTIVI CONSULENTI O QUALSIASI ALTRO SOGGETTO A QUESTI CONNESSO, NE' I LORO RISPETTIVI AMMINISTRATORI, DIRIGENTI O IMPIEGATI SARANNO IN ALCUN MODO CONSIDERATI RESPONSABILI DEL CONTENUTO DEL PRESENTE DOCUMENTO E NESSUN AFFIDAMENTO DOVRA' ESSERE FATTO IN MERITO ALLA PRECISIONE, COMPLETEZZA O CORRETTEZZA DELLE INFORMAZIONI CONTENUTE NEL PRESENTE DOCUMENTO. NESSUN SOGGETTO POTRÀ PERTANTO ESSERE RITENUTO RESPONSABILE DEI DANNI DERIVANTI DALL'UTILIZZO DEL PRESENTE DOCUMENTO O DAL SUO CONTENUTO OVVERO DEI DANNI COMUNQUE CONNESSI AL PRESENTE DOCUMENTO. VALUE TRACK S.R.L. (O I SUOI DIRIGENTI, AMMINISTRATORI O IMPIEGATI) POTREBBE, NEI LIMITI CONSENTITI DALLA LEGGE, TROVARSI A DETENERE STRUMENTI FINANZIARI DELLA (OVVERO OPZIONI, WARRANT O ALTRI DIRITTI RELATIVI ALLA, OVVERO UN INTERESSE NELLE AZIONI O ALTRI STRUMENTI FINANZIARI DELLA) SOCIETA' E POTREBBE AGIRE SUL MERCATO O COME CONTROPARTE IN TRANSAZIONI RELATIVE A TALI STRUMENTI FINANZIARI.
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Reway Group S.p.A. published this content on 07 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2024 16:38:14 UTC.
